SYDNEY, Nov 15 (AFP): Mining magnate Gina Rinehart Saturday signed a deal to invest Aus$500 million (US$438 million) in an Australian dairy project to tap into the multi-billion dollar Chinese infant formula market.
Rinehart, who recently entered into a joint venture to export beef to Asia, said her majority-owned Hope Dairies would produce pharmaceutical-grade infant formula and UHT, or longlife milk, at a processing plant in Queensland.
The agreement was reached between Rinehart's mining firm Hancock Prospecting and the Queensland state government.
Chinese state-owned engineering firm CAMC and Hope Dairies' Hong Kong-based directors Dave Garcia and Dano Chan have minority stakes in the company.
Australia\\\'s Rinehart invests Aus$500m in China milk deal
FE Team | Published: November 16, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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